ISA Transfers....

mickg_4

Hello..
If I take out a 2 year fixed ISA can I transfer it to another ISA provider within the 2 years or is it locked with the 1st ISA provider for the whole 2 year period.

I wouldn't want to cash in the ISA only transfer to another ISA provider..

mick

ColdIron

No, it's locked with the 1st ISA provider for the whole 2 year period

mickg_4

That's what I thought, better to ask and make sure though..

bigfreddiel

mickg wrote: »

I wouldn't want to cash in the ISA only transfer to another ISA provider..

mick

and don't cash it in to transfer - just transfer it - make sure the recipient does the transfer as well

fj

thenudeone

You will almost certainly be able to transfer an ISA (even a fixed-rate ISA) if you really want to, but there will usually be huge penalties for transferring a fixed ISA early. A charge equivalent to 180 or 270 days interest isn't uncommon.

MoneySaverLog

thenudeone wrote: »

A charge equivalent to 180 or 270 days interest isn't uncommon.

Indeed given this scenario it's possible that you could end up with less than you paid in. For this reason it would likely be unwise to transfer a FRISA as what you'll gain in interest will probably be eaten up with penalties.